1995 (12) TMI 10

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....filed an appeal before the Commissioner of Income-tax (Appeals), Bhopal, and the Commissioner by his order dated March 7, 1990, directed the Assessing Officer to allow the claim of interest under section 67(3) of the Income-tax Act, 1961 (for short, "the Act"). In pursuance of the aforesaid order, the respondent reassessed the income of the petitioner to the tune of Rs. 1,04,070 by the assessment order dated April 11, 1991. The petitioner, in compliance with that order, deposited Rs. 50,943 by the challan dated December 13, 1989, and Rs. 72,000 by the challan dated December 20, 1989. The petitioner also deposited a sum of Rs. 5,000 by the challan dated December 6, 1990. The respondent by its order waived the interest under section 139(8) of....

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....been filed by the respondent and therein, the respondent has taken the position that the assessment was revised under section 155 for adopting the correct share income from the firm, Shivnarain Ashok Kumar and Co. and the total income of the assessee was determined at Rs. 1,48,270 as per I. T. N. S. No. 150, dated May 7, 1992, which was subsequently revised under section 154 on August 6, 1992, for allowing interest under section 244(1A) of the Act as the same was not allowed in the revision order dated May 7, 1992. A refund of Rs. 51,015 was granted to the assessee on June 9, 1992, and adjusted against the outstanding demand of penalty under section 271(1)(c) for the year 1975-76 and refund of Rs. 9,562 was adjusted in two parts, namely, Rs....